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Center for Economic Education

 

The MSU Center aims to develop in K-12 young people the economic knowledge and decision making skills they will need throughout their lives as family members, workers, citizens and business, labor, government and community leaders. The MSU Center employs multiple strategies in pursuit of its mission—

  • support economic and entrepreneurial education training to teachers who in turn will teach students;
  • produce and distribute teaching materials for use by teachers in K-12 classrooms throughout the curriculum;
  • maintain an affiliation with the National Council on Economic Education and the Kentucky Council on Economic Education to draw upon their strength in national and state programming, curriculum materials, basic research and public awareness of the need for economic education;
  • involve local business and community organizations in implementing economic education into the service-area schools.

 

   

The 2014 Excellence in Economic

Education Award Winner:

 

 

Kelly Myers

Hopkinsville High School


News Article

 

  Find out more info about the award here.


 

 

 

 The Center Director in Action:

If you are interested in inviting the director to speak to your class about economic and/or financial literacy topics email: msu.econed@murraystate.edu 

 

 Ballard County Elementary (2014)

 

 

 

Central Elementary - Marshall County (2014)

 

 

Benton Elementary - Marshall County (2014)

 


North Livingston County Elementary (2014)

 

 

Calloway County Middle School (2013)


 

 

 

 

Caldwell County Middle School (2013)


 

 

 

Other Teacher Resources:

 

A. Who Wants to be a Millionaire

1. Millionaire Game Lesson PPT Slides

2. Millionaire Game Pre/Post Test

3. Millionaire Game Score Sheet

4. Online Quiz (similar but not the exact same)

 

 

 

 

B. The Economics of Seinfeld

  1. Website
  2. Conference Presentation
  3. Sample PPT Slides for Seinfeld Clips
  4. Seinfeld Videos Correlated with National Standards in Economics
  5. National Standards in Economics Correlated with Seinfeld Videos
  6. National Standards in Economics Correlated with Kentucky State Standards in Economics

 

 

 

C. Tutorial Videos Correlated with the National Standards in Economics


 

  1. Teachers: You may be required to teach your students many of the National Standards in Economics, but you may not feel comfortable with these concepts yourself. We’re here to help.
  2. Below is the list of the National Standards in Economics with a brief description and some links to short video tutorials that you can use to improve your own understanding of this material before you have to teach it to your students.
  3. This content has been made available due to the research efforts within the MSU Center for Economic Education. Enjoy! (click here to see the Kentucky Standards by grade level with related lessons
  4. Need the National Standards in Economics correlated with the Kentucky Standards? Click here.

 

Standard 1

Scarcity

People cannot consume all the goods and services they want because resources are limited. Scarcity forces people to choose consumption of some goods and services over consumption of other goods and services.

Related Video Links:

http://www.youtube.com/watch?v=yoVc_S_gd_0

 

http://www.youtube.com/watch?v=-bG_mp8cAAw

 

 

Standard 2

Decision Making

Good decision making involves comparing the costs and benefits of alternative decisions. Most decisions are not “completely or not at all” but instead involve making marginal changes.

Related Video Links:

http://www.youtube.com/watch?v=V12u3xgm9f0

 

http://www.youtube.com/watch?v=uJVEyNwNPI8

 

 

Standard 3

Allocation

The production and consumption of goods and services by businesses and households requires that people, as individuals or a group, decide on how best to allocate various types of goods and services.

Related Video Links:

https://www.youtube.com/watch?v=kdq-XwMoLg4

 

https://www.youtube.com/watch?v=Fzfs-bQCicM

 

 

 

Standard 4

Incentives

Positive and negative incentives cause people to respond in predictable ways.

Related Video Links:

http://www.youtube.com/watch?v=it0NjNlT4jo

 

http://www.youtube.com/watch?v=zgckEYUC-Tk

 

 

 

Standard 5

Trade

Voluntary exchange of goods and services is only possible if mutual benefit is expected. This is true at the local, national or international level for individuals and organizations.

Related Video Links:

http://www.youtube.com/watch?v=NIQEn1nN2ew

 

http://www.youtube.com/watch?v=cTt2HIftueE

 

http://www.youtube.com/watch?v=xx9xNJlPOJo

 

 

 

Standard 6

Specialization

Production and consumption increases when individuals and nations focus on producing that which they can produce most efficiently.

Related Video Links:

http://www.youtube.com/watch?v=xx9xNJlPOJo

 

http://www.youtube.com/watch?v=EHeVfkpqowg

 

http://www.youtube.com/watch?v=DDHQiA7TaBw

 

http://www.youtube.com/watch?v=vSjrPII38ZA

 

 

 

Standard 7

Markets and Prices

Prices of goods and services are determined by the interaction between buyers and seller. Anytime a buyer and seller interact a market exists.

Related Video Links:

http://www.youtube.com/watch?v=5tF6W4OR5yU&feature=plcp

 

 

 

Standard 8

Role of Prices

Both buyers and sellers are impacted by price changes. Price adjustments, caused by changes in supply and demand, affect the incentives of buyers and sellers.

Related Video Links:

http://m.youtube.com/watch?v=PwTUpONzfFw

 

 

Standard 9

Competition and Market Structure

Prices normally decrease in response to competition between sellers in a market and increase due to competition between buyers.

Related Video Links:

http://www.youtube.com/watch?v=6yl9Ath6xrE

 

http://www.youtube.com/watch?v=9Hxy-TuX9fs

 

http://www.youtube.com/watch?v=9lMF9-cvlts

 

 

 

Standard 10

Institutions

Institutions provide the generally accepted framework of rules and instructions that make possible the relatively smooth running of everyday life. Examples of institutions include- government, banks, labor unions and corporations. Property rights are also considered an institution critical to the functioning of a market economy.

Related Video Links:

http://www.youtube.com/watch?v=Pv38V20iCsM

 

 

 

Standard 11

Money and Inflation

Money functions as a generally accepted medium of exchange, store of value and unit of account. These various aspects of money make it easier to purchase, save and compare prices. The amount of money that is in an economy has an effect upon the general price level. Inflation is an increase in the average price level.

Related Video Links:

http://www.youtube.com/watch?v=zI4z_McqCsI

 

http://www.youtube.com/watch?v=mO6y4KON1e8&feature=related

 

 

 

Standard 12

Interest Rates

Interest rates adjust up and down to balance savings with borrowing in the economy and in this way impact people’s decision between current consumption and future consumption.

Related Video Links:

http://www.youtube.com/watch?v=Rx-8NkKO0tw

 

http://www.youtube.com/watch?v=Iz13bwGIMck

 

 

 

Standard 13

Income

Workers sell their productive capacity in the marketplace to earn income. The market value of a worker is primarily determined by the value of her production.

Related Video Links:

http://www.youtube.com/watch?v=tC0WIMlwXM4&list=UUJAjg4-povfI81sg4Jj7kPw&index=10&feature=plcp

 

 

 

Standard 14

Entrepreneurship

Entrepreneurs take on the risk of starting new ventures. Entrepreneurship is an important for economic growth.

Related Video Links:

http://www.youtube.com/watch?v=Rf3xSqgpFHE

 

 

Standard 15

Economic Growth

Economic growth is the long-term increase in a countries productive capacity. Investments that improve the quantity or quality of resources available in an economy contribute to economic growth.

Related Video Links:

http://www.youtube.com/watch?v=xa6vGnCUFII

 

http://www.youtube.com/watch?v=k6q2G3BbanE

 

 

Standard 16

Role of Government and Market Failure

Oftentimes governments enforce property rights, ensure competitive markets and provide for the national defense. Government policy aimed at correcting market imperfections can have both direct and indirect impact on the impact of citizens. Market imperfections occur when resources are not allocated in a way that maximizes consumer welfare.

Related Video Links:

http://www.youtube.com/watch?v=rJixtB0GluQ&feature=plcp

 

http://www.youtube.com/watch?v=SuPsePSUdxA

 

http://www.youtube.com/watch?v=jRN6V1rl6v8&feature=related

 

http://www.youtube.com/watch?v=8DuWQVDi9bQ&list=LPfrIVh_ymlfo&index=3&feature=plcp

 

 

 

Standard 17

Government Failure

It is possible for the cost of government policy to outweigh the benefit. In these cases the cause can be variously attributed to misaligned incentives facing government officials and politicians or a determination that something other than economic efficiency is guiding the policy.

Related Video Links:

http://www.youtube.com/watch?v=SBT-W43ePK8

 

http://www.youtube.com/watch?v=IBr0vcWlDJg

 

 

 

Standard 18

Economic Fluctuations

The production and consumption decisions of all businesses, households and government agencies interact to determine price level, income and employment. Recessions are periods when income and employment levels decline.

Related Video Links:

http://www.youtube.com/watch?v=TXrOpjG4dUs&list=LPa5-BUyMbWO8&index=1&feature=plcp

 

 

Standard 19

Unemployment and Inflation

Unemployment, which rises during recessions, has a negative impact on individuals and the economy as a whole. Inflation is also costly to individual workers and the economy.

Related Video Links:

http://www.youtube.com/watch?v=AyeRcLz1UZU

 

http://www.youtube.com/watch?v=qfXq3Cc4r4s&playnext=1&list=PL00FF26DBB69F6A97&feature=results_main

 

 

 

Standard 20

Fiscal and Monetary Policy

The Federal Reserve System’s use of the money supply in an effort to either increase or decrease the rate of inflation is referred to as monetary policy. Government policy regarding spending and taxation is referred to a fiscal policy. Levels of spending and taxation can be altered in an attempt to either increase or decrease the growth rate of the economy.

Related Video Links:

http://www.youtube.com/watch?v=TvzsjOmWgKI

 

http://www.youtube.com/watch?v=ntxMOKXHlfo

 

 

 

 

For more information, please contact:

 

Todd Broker, Director
307G Business Building
Murray, KY 42071
Telephone: (270) 809-5193
Fax: (270) 809-5478 
E-mail: tbroker@murraystate.edu

  

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